CEO of Analytic firm: CPI News Today Could Push Bitcoin Sideways By CoinEdition
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© Reuters. CEO of Analytic firm: CPI News Today Could Push Bitcoin Sideways- Matthew Dixon said CPI’s outcome could affect today.
- The crypto market is about to lose the $1 trillion cap as BTC and ETH trade in the red.
- Crypto traders bought and sold over $550M in the past 24 hours.
Matthew Dixon, the CEO of Evai, a leading AI crypto rating platform, claimed today was Consumer Price Index (CPI)’s day and that its outcome could affect the price of Bitcoin (BTC). Dixon believes that if the CPI is lower than expected, it could push the price of BTC higher in a 5th wave of an Elliott Wave pattern, which is a technical analysis tool.
However, the Evai CEO warned that BTC may have already completed a 5-wave down pattern, which means Bitcoin price could continue to decline. Dixon advised against trading based on news, adding that he watches the (DXY) to guide his decision-making.
Today is CPI day. Lower than expected would see #Btc push higher in wave 5 from this #Elliottwave 4 correction down. It is however possible to count 5 waves down from the top, so be very careful. Trading news is normally a bad idea. Im watching #DXY to guide me #Evai pic.twitter.com/n61CMqIRIA
— Matthew Dixon – CEO Evai (@mdtrade) February 14, 2023
According to data from the market tracking website, CoinMarketCap, the global crypto market is about to lose the one trillion dollar cap as significant cryptocurrencies such as Bitcoin and (ETH) are experiencing successive declines in the past weeks.
BTC and ETH declined by 5.1% and 8.2%, respectively, over the last seven days, while the (BNB) took a double-digit hit through the same period.
In a separate tweet, the CEO of Evai expressed that the price decline of the Solana (SOL) coin was due to increased trading volume, but the CPI news could change the dynamics.
Indication here that the #SOL price decline was supported by volume increase, hence the fall in price from wave 1. Will be watching for price volume divergences or confirmations following #CPI news today. Would be nice to see higher price confirmed by volume #Evai pic.twitter.com/4pcn4va5Ku
— Matthew Dixon – CEO Evai (@mdtrade) February 14, 2023
CoinMarketCap data showed that crypto traders bought and sold over half a billion dollars worth of Solana in the past 24 hours. Interestingly, the current figure is, in fact, 30% lower than what was obtainable in the previous 24 hours.
The post CEO of Analytic firm: CPI News Today Could Push Bitcoin Sideways appeared first on Coin Edition.
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© Reuters. CEO of Analytic firm: CPI News Today Could Push Bitcoin Sideways- Matthew Dixon said CPI’s outcome could affect today.
- The crypto market is about to lose the $1 trillion cap as BTC and ETH trade in the red.
- Crypto traders bought and sold over $550M in the past 24 hours.
Matthew Dixon, the CEO of Evai, a leading AI crypto rating platform, claimed today was Consumer Price Index (CPI)’s day and that its outcome could affect the price of Bitcoin (BTC). Dixon believes that if the CPI is lower than expected, it could push the price of BTC higher in a 5th wave of an Elliott Wave pattern, which is a technical analysis tool.
However, the Evai CEO warned that BTC may have already completed a 5-wave down pattern, which means Bitcoin price could continue to decline. Dixon advised against trading based on news, adding that he watches the (DXY) to guide his decision-making.
Today is CPI day. Lower than expected would see #Btc push higher in wave 5 from this #Elliottwave 4 correction down. It is however possible to count 5 waves down from the top, so be very careful. Trading news is normally a bad idea. Im watching #DXY to guide me #Evai pic.twitter.com/n61CMqIRIA
— Matthew Dixon – CEO Evai (@mdtrade) February 14, 2023
According to data from the market tracking website, CoinMarketCap, the global crypto market is about to lose the one trillion dollar cap as significant cryptocurrencies such as Bitcoin and (ETH) are experiencing successive declines in the past weeks.
BTC and ETH declined by 5.1% and 8.2%, respectively, over the last seven days, while the (BNB) took a double-digit hit through the same period.
In a separate tweet, the CEO of Evai expressed that the price decline of the Solana (SOL) coin was due to increased trading volume, but the CPI news could change the dynamics.
Indication here that the #SOL price decline was supported by volume increase, hence the fall in price from wave 1. Will be watching for price volume divergences or confirmations following #CPI news today. Would be nice to see higher price confirmed by volume #Evai pic.twitter.com/4pcn4va5Ku
— Matthew Dixon – CEO Evai (@mdtrade) February 14, 2023
CoinMarketCap data showed that crypto traders bought and sold over half a billion dollars worth of Solana in the past 24 hours. Interestingly, the current figure is, in fact, 30% lower than what was obtainable in the previous 24 hours.
The post CEO of Analytic firm: CPI News Today Could Push Bitcoin Sideways appeared first on Coin Edition.
See original on CoinEdition
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